Gold News

'Economic doom and gloom will support gold'

The current economic conditions are likely to continue to support gold prices as people worry about the future of the finance and mortgage markets.

Bill O'Neill, managing partner of Logic Advisors in the US, said that this plethora of reasons would create continued investment demand in gold.

"We are in an atmosphere of total gloom and doom. The problem of Fannie Mae and Freddie Mac has reasserted the concerns about the financial system, the credit crisis and the mortgage crisis. Until we get more confidence and some lessened fears surrounding these financials, we are going to continue to see gold in great demand," he asserted.

Jill Leyland of the World Gold Council has also remarked on the ascent of gold prices, commenting that the organization has seen large amounts of money moving into the metal since the financial turmoil hit last August.

Logic Advisors is a partnership of two long-standing commodity industry experts, Bill O'Neill and Ron Lawson. They provide both strategic and tactical, macro-economic guidance to major participants in the world's commodity markets.

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